v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Schedule of Investments [Abstract]  
Schedule of Investments
The table below presents the composition of investments at fair value and amortized cost as of the following periods:
June 30, 2026December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments
$11,674,158 $11,444,661 $10,983,810 $10,979,070 
Second-lien senior secured debt investments597,545 478,763 601,494 568,641 
Unsecured debt investments460,040 464,478 467,464 477,128 
Specialty finance debt investments40,772 40,774 37,449 37,452 
Preferred equity investments
1,155,595 951,696 1,127,105 1,072,481 
Common equity investments
545,784 747,669 504,733 722,100 
Specialty finance equity investments488,433 515,617 351,675 375,812 
Joint ventures40,466 36,880 53,483 53,355 
Total Investments$15,002,793 $14,680,538 $14,127,213 $14,286,039 
The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its portfolio companies. The table below presents the industry composition of investments based on fair value as of the following periods:
June 30, 2026December 31, 2025
Aerospace & Defense 2.6 %2.7 %
Airlines 0.3 0.3 
Air Freight & Logistics0.6 — 
Application Software 15.3 13.6 
Asset Based Lending and Fund Finance (6)
0.7 0.4 
Banks 0.1 0.3 
Beverages (1)
0.0 0.0 
Building Products 0.3 0.5 
Buildings & Real Estate 1.3 1.3 
Capital Markets 1.9 0.8 
Commercial Services & Supplies 0.2 0.2 
Construction & Engineering
0.2 0.2 
Consumer Finance 0.4 0.5 
Diversified Consumer Services 2.3 3.3 
Diversified Financial Services (2)
9.9 9.8 
Diversified Support Services 0.2 0.2 
Entertainment 1.5 1.4 
Equity Real Estate Investment Trusts (REITs) 0.7 0.8 
Food & Staples Retailing 1.3 1.3 
Health Care Equipment & Supplies 2.0 2.0 
Health Care Providers & Services 2.9 3.4 
Health Care Technology 12.4 13.9 
Hotels, Restaurants & Leisure — 0.8 
Household Durables 0.5 0.6 
Industrial Conglomerates 0.7 0.7 
Insurance (3)
3.7 4.4 
Internet & Direct Marketing Retail 1.8 2.2 
IT Services 3.6 4.2 
Joint Ventures(4)
0.3 0.4 
Life Sciences Tools & Services 2.3 2.1 
Media 0.9 0.9 
Multiline Retail 0.2 0.2 
June 30, 2026December 31, 2025
Pharmaceuticals (5)
1.8 1.0 
Professional Services 6.4 6.1 
Real Estate Management & Development 1.7 0.2 
Road & Rail 0.1 0.1 
Specialty Retail 0.9 0.8 
Systems Software 17.5 17.9 
Thrifts & Mortgage Finance (1)
0.0 0.0 
Wireless Telecommunication Services 0.5 0.5 
Total100.0 %100.0 %
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(1)As of June 30, 2026 or December 31, 2025, the Company’s investment rounds to less than 0.1% of the fair value of the portfolio.
(2)Includes debt and equity investment in Amergin.
(3)Includes equity investment in Fifth Season.
(4)Includes equity investments in Credit SLF, Blue Owl Leasing, and as of December 31, 2025, in Stripe Blue Owl Holdings LLC (“Stripe Blue Owl”). See below, within Note 4, for more information about Credit SLF and Blue Owl Leasing.
(5)Includes equity investments in LSI Financing DAC and LSI Financing LLC.
(6)Includes equity investment in BOCSO.
The table below presents the geographic composition of investments based on fair value as of the following periods:
June 30, 2026December 31, 2025
United States:
Midwest 16.2 %16.3 %
Northeast 21.2 21.8 
South 25.5 24.2 
West 26.5 27.8 
United Kingdom 5.4 5.5 
Canada 2.5 2.3 
Other international 2.7 2.1 
Total100.0 %100.0 %
As of June 30, 2026, the capital commitment and economic ownership of each Credit SLF Member is as follows:
MembersCapital CommitmentNet Contributed Capital
Economic Ownership Interest(1)
Blue Owl Capital Corporation$446,460 $431,928 64.4 %
Blue Owl Capital Corporation II(2)
244 244 0.0 %
Blue Owl Credit Income Corp.136,419 99,482 14.8 %
Blue Owl Technology Finance Corp.53,812 39,656 5.9 %
Blue Owl Technology Income Corp.16,161 16,161 2.4 %
State Teachers Retirement System of Ohio93,299 83,924 12.5 %
Total$746,395 $671,395 100.0 %
_______________
(1)    This represents each equity holder’s ownership percentage at June 30, 2026 based on net contributed capital.
(2)     Economic ownership interest for Blue Owl Capital Corporation II is 0.04%.
The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:
As of June 30, 2026
As of December 31, 2025
Consolidated Balance Sheet Data
Cash$258,490 $124,718 
Investments at fair value2,624,338 2,343,367 
Total Assets2,903,962 2,477,523 
Total Debt (net of unamortized debt issuance costs)2,069,196 1,728,363 
Total Liabilities2,296,807 1,863,454 
Total Credit SLF Members’ Equity$607,155 $614,069 
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Consolidated Statement of Operations Data
Income
Investment income$42,053 $31,420 $83,057 $55,117 
Expenses
Net operating expenses26,186 18,482 51,216 32,139 
Net investment income (loss)$15,867 $12,938 $31,841 $22,978 
Total net realized and unrealized gain (loss)(7,626)9,319 (59,616)(6,785)
Net Increase (Decrease) in Credit SLF Members’ Equity Resulting from Operations
$8,241 $22,257 $(27,775)$16,193 
The Company’s proportional share of Credit SLF’s distributions for the following periods:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Dividend income
$884 $138 $1,577 $193 
As of June 30, 2026, the capital commitment, called capital and economic ownership of each Blue Owl Leasing Member is as follows:
MembersCapital CommitmentNet Contributed Capital
Economic Ownership Interest(1)
Blue Owl Capital Corporation$860 $860 2.2 %
Blue Owl Capital Corporation II90 90 0.2 %
Blue Owl Credit Income Corp.30,952 1,900 4.7 %
Blue Owl Technology Finance Corp.8,955 800 2.0 %
Blue Owl Technology Income Corp.3,918 350 0.9 %
Blue Owl Alternative Credit Fund31,000 31,000 77.5 %
California State Teachers Retirement System10,825 5,000 12.5 %
Total$86,600 $40,000 100.0 %
_______________
(1)     This represents each equity holder’s ownership percentage at June 30, 2026, based on net contributed capital.
The table below sets forth Blue Owl Leasing’s consolidated financial data as of and for the following periods:
As of June 30, 2026
As of December 31, 2025(1)
Consolidated Balance Sheet Data
Cash$3,344 $34,555 
Investments at fair value39,680 39,628 
Total Assets43,407 74,531 
Total Debt (net of unamortized debt issuance costs)2,512 9,754 
Total Liabilities3,486 10,076 
Total Blue Owl Leasing Members’ Equity$39,921 $64,455 
_______________
(1) Blue Owl Leasing’s date of inception was June 30, 2025.
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026
2025(1)
2026
20251)
Consolidated Statement of Operations Data
Income
Investment income$1,044 $— $2,087 $— 
Expenses
Net operating expenses785 — 1,656 — 
Net investment income (loss)$259 $— $431 $— 
Total net realized and unrealized gain (loss)132 — (107)— 
Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations$391 $— $324 $— 
The Company’s proportional shares of Blue Owl Leasing’s distributions for the following periods:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Dividend income$13 $— $13 $—